"Timer" is built into network.  The last 5000 coin reward is whomever finds block 34,750.  Blocks after that are rewarded with 2,500 coins for each found block until the next halving, and so on...

Blocks are targeted to be solved every 2 minutes.  Regardless if there is 100 terahashes, or 100 kilohashes per second on the network in total.

Multipool is in beta and not currently open to the public.  They are hoping to open it on Saturaday to those who applied to the pool via email.